I have seen this happen in the past and I am NOT implying that it is occuring in this auction.

Sometimes an eBay seller will put on a very high reserve, much more than the item is worth. If the reserve is reached, great the seller got more for the item than it is worth. If the reserve is not reached, the seller can look at what was bid and decide if he wants to sell at the bidders price, which still may be more than the item is worth and the seller does not have to pay eBay selling fees.